Dealers said a sharper fall for front-month March futures on Euronext reflected some spread trading with second-month May. The euro earlier rose against the dollar to its highest in almost three weeks, helped by Wednesday's announcement by the US Federal Reserve of a break with its recent policy of progressive interest rate rises, before easing back slightly.
The currency added to cautious export sentiment as traders set a first French wheat sale to Egypt in 18 months on Tuesday against tepid overall demand. "The Egyptian business is a good sign for EU competitiveness, but they need more of that," one futures dealer said.
The weaker trend on Euronext was encouraged by subdued trading in Chicago, where US futures failed to get impetus from a first weekly export sales publication in a month. Monthly European Commission forecasts confirmed lagging European Union exports this season, with the Commission cutting its outlook for 2018/19 common wheat exports to 18 million tonnes from 20 million previously.
In Germany, cash premiums in Hamburg were increased slightly to compensate for weakness in Paris. Standard bread wheat with 12 percent protein for February delivery in Hamburg was offered for sale at 5 euros over Paris March against 4.50 euros over on Wednesday. Feed wheat in the South Oldenburg market for February/March delivery was offered for sale above milling wheat at about 218 euros a tonne, with buyers seeking 216 euros.